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Comment by seibelj | Hacker News Reader

My crypto friends have raised millions outside of VC and then became very rich once their projects launched basically over night. Liquid immediately and never paid a lawyer.

Truly is a paradigm shift and I think a big problem on HN is that VC can’t see they are being disrupted and have no way of avoiding it, plus they think they are untouchable geniuses, so being wrong this hard isn’t pleasant for them.

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> Truly is a paradigm shift and I think a big problem on HN is that VC can’t see they are being disrupted and have no way of avoiding it,

On the contrary, VCs are making bank on cryptocurrency. Retail investors are just along for the ride.

> plus they think they are untouchable geniuses, so being wrong this hard isn’t pleasant for them.

Again, VCs were all over cryptocurrency investments in recent years. They're ecstatic when the price goes up, because retail investors are pumping an investment they were in long ago.

I don't know how we arrived at this narrative that crypto was a win for the little guys at the expense of institutions.

Which part of the $28 average transaction fee is the paradigm shift?

You're missing the forest for the trees. Transaction fees aren't important. In this case, it's the ability to raise funds for a project outside of an elite class of investors, and not have to wait 5-10 years for a liquidation event.

Transaction fees are pretty important when trying to do transactions, which is pretty much all bitcoin does.

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